US-based biotechnology company Exelixis will offer 12.5 million shares of its common stock, subject to market conditions, the company has announced today.
Exelixis, which develops small molecule therapeutics to treat cancer, expects to grant underwriters a 30-day option to purchase an additional 1.8 million shares.
the firm lost $92.3 million last year, but could raise up to $160 million from the sale.
Goldman, Sachs & Company and Cowen and Company are acting as the joint book-running managers of the offering, while Citi and Lazard Capital Markets are acting as co-managers.
Exelixis said in a press release that the announcement does not constitute an offer to sell or a solicitation of an offer to buy, and any offer will be made by means of a prospectus supplement.